2018 Research Study

A Demographic Analysis of the P&C Insurance Industry in Canada

The Insurance Institute has been conducting demographic research, on behalf of the industry, since 2007. This came about as a direct response to the industry’s concerns about human capital issues such as recruitment, retention, succession planning, and education and training.

The Institute’s objectives in conducting this research are:

• To provide information that is valuable to industry employers as they develop and implement appropriate human resources strategies;
• To inform the initiatives of the Institute’s Career Connections and mycareer programs; and
• To influence the program offerings of the Institute, so as to meet the education and training needs of the industry’s work force.

New 2017-2018 Research Study (reports coming this fall!)

Demographic Research 2018The Institute is pleased to announce that we have contracted with the Conference Board of Canada for this 2017/18 demographic research, specifically to conduct the four phases of data collection, to research changing workforce issues, and to benchmark the industry’s workforce compared to other sectors and Census Canada data.

The Conference Board brings extensive experience working in our industry and tremendous knowledge about talent management issues. With their insight and the participation of the industry, we anticipate providing a wealth of valuable information that will help employers address challenges and implement initiatives to meet their current and future talent needs.

As we wait for the full story behind the latest research to develop, we have begun telling the parts of the story we know in trade publications and at key events.

Articles & columns:

Preparing for the Demographic Revolution | October 2017 | Special Interest Feature | Canadian Insurance Top Broker
How to attract more young people to careers in insurance has been a concern for CEOs and human resource (HR) managers in the Canadian property and casualty insurance industry for years. When the Insurance Institute of Canada undertook its first round of research into the demographics of the industry in 2007, the findings confirmed the fears of many. The baby boom generation made up to 49 percent of the workforce, while millennials were a mere 12 percent - significantly below their representation in the general labour market.

Millennials Rising | January 22, 2018 | Feature | Canadian Underwriter
Some would say the property and casualty (P&C) insurance industry is likely to change more over the next five years than it has in the past 50 years. That may well be true if the industry can fully embrace technological advances like artificial intelligence and machine learning, big data analytics, internet of things, insurtech, blockchain advancements, and more. It is even more likely if the industry has a workforce that can keep pace with these innovations.

P&C industry faces looming shortage of IT workers | April 11, 2018 | News | Canadian Insurance Top Broker
IT workers in Canada’s property and casualty insurance industry are starting to resemble the legacy systems they are servicing — nearing retirement.

What a difference a decade makes | May 2018 | Upfront | Canadian Insurance Top Broker
The proportion of boomers and millennials working in insurance has flipped over the past ten years.

Events & seminars:

Margaret Parent, Director, Professionals’ Division, and lead on the Institute’s demographic research projects since the beginning, has presented research highlights at IIO-GTA's Symposium on April 10, and at Insurance Business Canada's Millennials in Insurance Conference on April 24. But don't worry; you haven't missed the main event(s)!

On September 19, 2018, join us for the official research report launch on a free national webinar.

And in October and November 2018, join Margaret and the Conference Board's Michael Burt as they bring the research to 10 key centres. A full-day event is being planned for the GTA. Please note the dates below and look for more information from your local institute or chapter in the near future.

City Date
 Vancouver  Wednesday, October 3
 Calgary  Thursday, October 4
 Edmonton  Tuesday, October 16
 Winnipeg  Wednesday, October 17
 Regina  Thursday, October 18
 Kitchener  Tuesday, October 30
 Ottawa  Wednesday, October 31
 Montreal  Thursday, November 15
 Toronto  Monday, November 19
 Halifax  Wednesday, November 21

The Institute's Previous Published Studies:

The 2012 Research Study

As a follow-up to the census five years later, the 2012 study investigates the impact, if any, of recent economic and other events on employment trending and forecasts the future human resource requirements of the industry.

The 2012 research study reveals three major trends:
1. Substantial recruitment activity has taken place, despite the degree of economic turbulence in Canada since 2008.
2. To date, the level of recruitment has compensated for the level of retirement.
3. Going forward, the impact of retirement should increase substantially. Therefore, the level of recruitment (and retention) will need to increase substantially.

The 2008-09 Research Study

This second report was compiled as a resource guide to help organizations create the strategies needed to meet their future hiring needs, training and development assessments and the potential leadership gaps.

The 2007-08 Research Study

From this first Institute study, we learned that:
1. The industry’s workforce was aging;
2. Industry employees tend to retire younger; and
3. Retirement projections will have a significant impact on the industry (25% could retire between 2012 -2017).